Trump's Arrival Is a Global Development, Deny It Though He May

From German's Foreign Minister, Frank-Walter Steinmeier, comes the plaintive but very true cry, in an opinion piece in Bilt am Sonntag yesterday: "There is a lot at stake today -- with the election of Donald Trump, the old world of the 20th Century is over for good."

And from Helga Zepp-LaRouche, the Schiller Institute founder who is called "Silk Road Lady" in China because of her 30-year pioneering of world land-bridge projects and institutions: "Steinmeier, however, does not know what the new order is, but we do. He recognizes that a new era is opening. But its purpose is, can we establish a new order for the common good of mankind?"

No matter how often President Donald Trump repeats, "America first," his election remains an international phenomenon, one of an ongoing global sweep of many elections now, in which the old Wall Street-City of London order of "globalization, deindustrialization, imperial war," is being thrown out.

NATO is obsolete, so is the European Union; so is Obama's "we make the rules" and overthrow regimes "we" don't like by war.

President Trump has recognized that Putin's Russia is responsible for the possibility of ending 15 years' continuous Mideast/North Africa wars, and for a new security concept, shared by Xi Jinping's China, which can break the back of international terrorism.

He will have to come to recognize that Xi is responsible for offering "a community of common destiny" through the New Silk Road infrastructure, leading fusion research and development, leading lunar exploration.

Will the American population, which has voted to reject the old, "globalization, deindustrialization" paradigm, get the new administration and Congress to do what is needed to join the new drivers of growth and scientific progress?

The tests are already underway. The fight to restore the Glass-Steagall Act requires getting Trump to act, and separating him from his Treasury Secretary nominee who publicly opposes Glass-Steagall. A national, bipartisan petition drive is underway — and on this website.

Bills are already being discussed and introduced in Congress for a "national infrastructure bank," but it will have to be an order of magnitude larger, bolder, and encompass frontiers like fusion development, space exploration, continental high-speed rail lines. And it will have to be a national credit institution linked to the international development banks of this new order, for truly great projects which span countries and continents.

Trump in a rare moment spoke of "not dominating, but leading by shining example." It's already there for him to join.

SUPPORTING MATERIAL

Call the Senate Finance Committee and tell them to reject Steven Mnuchin's nomination for Treasury Secretary!

As late as the close of business on this last Friday, it was expected that Senate Finance Committee was unlikely to vote on the nomination until early February. In a surprise move, Senate Finance Committee Chair Orrin Hatch announced that he was scheduling a vote to send the Mnuchin nomination to the full Senate Monday night. It is expected that several members of the committee are likely to object until they have received answers to written questions that they had forwarded to the nominee. Chairman Hatch may or may not honor those objections. If the vote takes place as he announced, members of the committee have 3 options: they can recommend that the full Senate approve the nomination, they can recommend rejection, or they can vote to make no recommendation at all.

Once the Committee vote takes place, the nomination moves to the full Senate. The nomination must be on the Senate Executive Calendar for more than one day before it can make it to the Senate floor for consideration. Unanimous consent of the time and date for debate must be agreed upon by all senators. If even one senator does not agree, a hold is placed on the nomination.

At the point that the nomination is moved to the Senate floor, unlimited debate is allowed until a majority of the Senate votes to invoke cloture, closing debate. Following a vote of cloture, the Senate conducts a simple majority vote on whether to confirm, reject or take no action on the nomination.

After misrepresenting and opposing the Glass-Steagall Act in his confirmation hearings, Steven Mnuchin is a "destructive force" who should be kept out of the Trump Administration Treasury, said economist and EIR Founding Editor Lyndon LaRouche yesterday. "He can't be accepted for what he was claiming to be; he's not qualified," LaRouche added, and "he'll make a mess in the Trump Administration. Trump could come out successfully on the Glass-Steagall issue; but this guy will mess it up."

As nominee for Treasury Secretary, Mnuchin's exchanges with Sen. Maria Cantwell (D-WA), who has been a lead sponsor of legislation to restore Glass-Steagall, constituted her entire questioning period during the Senate Finance Committee hearing. Despite President Trump having called for "going back to Glass-Steagall" during the campaign, Mnuchin stated his opposition to it. Cantwell pressed the Republican Party platform's call for restoring Glass-Steagall; she also cited official estimates that a huge $14 trillion in economic losses to Americans resulted from the 2007-08 bank blowout, and that Glass-Steagall restoration was necessary to prevent that from happening again now.

Lyndon LaRouche said:

"Senator Cantwell's presentation of the case was valid, and it was a case by which she is trying to save this nation. We're on the fringe of what could be a terrible collapse."

Mnuchin's response to Cantwell was, "No, I don't support going back to Glass-Steagall as is." He said that he supported the Volcker Rule of the Dodd-Frank Act if modified.

Moreover, Mnuchin made a serious false claim to the Committee, in support of his opposition to Glass-Steagall. He claimed Glass-Steagall, according to a recent Federal Reserve report, "would have very big implication to the liquidity and the capital markets, and banks being able to perform necessary lending." In other words, that Glass-Steagall would result in a less liquid bond market for economic investments, and less lending by banks.

The truth is that this Federal Reserve Report, released this past September, criticized the Volcker Rule on that point, not the Glass-Steagall Act. It is titled, "The Volcker Rule and Market Making in Times of Stress." Its main finding is that "bonds are less liquid during times of stress due to the Volcker Rule." But Mnuchin was distressing the Committee Republicans and large numbers of bankers themselves, by supporting a Volcker Rule.

As to Glass-Steagall and bank credit: FDIC Vice Chairman Thomas Hoenig has repeatedly given expert opinion to Congress and other institutions that during the roughly 60 years when Glass-Steagall was enforced, the United States' capital markets for bank lending and bond issuance were the strongest and deepest in the world.

LaRouche emphasized Jan. 22 that Mnuchin is "doing dirty work which can lead to a deadly collapse in the United States and elsewhere. With what he was pushing, he could cause a crisis which would rapidly bring down the U.S. economy as a whole. We have a new financial system coming about [referring to the international development institutions of China and the BRICS-allied nations]; and here, that begins with restoring Glass-Steagall. So this is international, not only national, in importance."

"I think there is no other option but to state that he must be gotten out" of the Treasury, LaRouche concluded.

Related

The counter-coup will not succeed in freeing the U.S. from Russiagate until those running the counter-coup identify the leading role played by the top levels of the City of London financial networks and the U.K.... read more

“The world today is at a crossroads, which Friedrich Schiller would have identified as a punctum saliens, that is, the point in a drama where the crucial decision must be taken: Will the protagonists manage to rise... read more

Join us LIVE on Saturday at 2pm. “The LaRouche Plan to Reopen the U.S. Economy; The World Needs 1.5 Billion New, Productive Jobs” is designed to address the present national and global emergency. 50 million... read more

Helga Zepp LaRouche dissected the various continuing coup operations being run against Trump and the American people, to make two broad points: 1.) We must expose and defeat the British Empire; 2.) The solution... read more

As the internal disintegration in nearly 50 major U.S. cities is shocking Americans and people throughout the world, two events launched today mark a fightback against the anarchy being fed by the media and many... read more

The world situation is out of control on many fronts—inside the United States, the pandemic, world hunger, and the tense strategic situation. Hanging overhead is the Sword of Damocles—the financial system ready to... read more